Iraq asks oil companies to raise production and exports

Representational Photo
Representational Photo

( Baghdad – A source in the Iraqi Ministry of Oil informed on Tuesday that Oil Minister Jabar Ali al-Luaibi sat on meeting with oil companies operating in Iraq and asked them to increase oil output and exports, as Baghdad joined those spotlighting production potential ahead of a major energy gathering late next month. The meeting took place in Iraq.

The source quoting oil ministry spokesman Asim Jihad said, “Minister al-Luabi reaffirmed support for the operations of international companies in order to increase the production and export rates of crude oil and natural gas.”

“The meeting aims at opening a new chapter in cooperation with the foreign companies,” the source further said quoting Jihad.

It may be mentioned here that Iraq is OPEC’s second-largest producer after Saudi Arabia and an increase in its output, alongside that of Iran, could aggravate the global oil glut and complicate discussions between OPEC and non-OPEC producers on output limits to prop up prices.

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